Required Condo Reserve Study in Ohio?

R.D. from Ohio writes:

Dear Mister Condo,

 

In Ohio, can a condo owner act as Associate Treasurer and must there be a Reserve Study of the Association Made?

 

Mister Condo replies:

R.D., I am not an attorney so I cannot speak to specific laws in your state. You can see a graph prepared by the Community Associations Institute (CAI) of what states require Reserve Studies by Statute here. Ohio isn’t listed as a state that does. Additionally, I am not aware of any law that requires Ohio condominiums to conduct Reserve Studies. That being said, many association have rules in their by-laws that require the association to perform routing and preventative maintenance as well as keep the common elements in good working order. A Reserve Study is the perfect tool to keep the association on track financially as the years go by, the elements wear down, and the Reserve Fund is used to replace those worn elements. As for the role of any unit owner to serve as Associate Treasurer or in any other capacity on your Board, you should refer to your governing documents. Typically, Board members are elected from unit owners within the community. I am assuming that the person in question is serving either as a Board Member or as an Appointee of the Board to function as Associate Treasurer. To be honest, I am not that familiar with the title Associate Treasurer. I am assuming that is someone who assists the Treasurer? Do they have the ability to write checks for the Association? If so, the person should be vetted the same way the Treasurer or anyone else is who access to the Association’s funds. Dual signatures, routine audits, etc. should all be part of the Best Practices followed by the association. Best Wishes!

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